- 702 million euros raised following full
exercise of the extension clause
- Broadened shareholders’ base evidencing
the attractiveness of Tikehau Capital’s business model
Antoine Flamarion, Co-founder of Tikehau Capital commented:
“This share capital increase is one of the largest transactions in
the sector and a new success for Tikehau Capital. This new step
strengthens our shareholders’ equity, guaranteeing our independence
and leeway. It will allow us to accelerate our development in
France and internationally and will provide us with the means to
seize organic and external growth opportunities in a consolidating
sector. The success of our rights issue illustrates the confidence
of our long-term historical shareholders, and the attractiveness of
our value creation business model which attracted numerous new
investors. With their support, we benefit from additional resources
to build our alternative asset management group and reach our
objectives of 20 billion euros of assets under management by
2020.”
Regulatory News:
Tikehau Capital (Paris:TKO):
These materials are not an offer for sale of Tikehau Capital
shares in the United States or in any other jurisdiction. Tikehau
Capital shares may not be sold in the United States absent
registration or an exemption from registration under the U.S.
Securities Act of 1933, as amended. Tikehau Capital does not intend
to register in the United States any portion of the offering or to
conduct a public offering of the shares in the United States. Not
for publication, distribution or release, directly or indirectly,
in the United States of America, Canada, Australia or Japan.
Tikehau Capital (the “Company”) today announced the
success of its share capital increase with preferential
subscription rights to existing shareholders announced on June 30,
2017 (the “Rights Issue”).
The gross proceeds of the Rights Issue, after exercise in full
of the extension clause by the Company’s Manager and General
Partner, amount to 701,874,074 euros (including the issue premium)
and result in the issuance of 31,903,367 new shares (the “New
Shares”) at a subscription price of 22 euros per new
share.
The proceeds from the Rights Issue will primarily be used to
finance the Company’s next phase of development and to accelerate
its growth, targeting 20 billion euros of assets under management
by 2020. In an alternative asset management industry consolidating
around two profiles of players (multi-strategy asset management
companies and specialized players) the Company intends to:
- Invest in new funds and strategies the
Group is preparing to launch in 2017 in three of its business
lines: private debt (in particular direct lending (Tikehau Direct
Lending IV) and debt securitization (CLO III)), real estate and
private equity;
- Finance its growth operations, to
develop new and existing strategies and to consolidate and expand
its operations; and
- Seize opportunities for external growth
in several strategies in France and abroad.
Settlement/delivery and beginning of trading on Euronext Paris
(Segment A) of the New Shares will take place on July 26, 2017. The
New Shares will carry dividend rights and their holders will be
entitled to any dividends distributed by Tikehau Capital from the
date of issuance. The New Shares will be, as from their issuance
date, fully fungible with Tikehau Capital’s existing shares and
will be traded under the same ISIN code FR0013230612.
Following the completion of the Rights Issue, the share capital
of Tikehau Capital will consist of 102,799,748 shares and voting
rights and will amount to 1,233,596,976 euros.
Tikehau Capital has agreed to a lock-up period of 180 calendar
days after the settlement–delivery date of the Rights Issue,
subject to certain exceptions.
As part of the subscription commitments received by the Company
prior to the launch, all investors with the exception of AXA
Investment Managers, have agreed to a lock-up period of 180
calendar days for the shares subscribed through the Rights Issue
after the settlement-delivery of the Rights Issue, subject to
certain exceptions.
BNP Paribas, Citigroup and Natixis acted as Joint Bookrunners
and Joint Global Coordinators in connection with the Placement
Agreement. Morgan Stanley & Co. International plc acted as
financial advisor to the Company. The Rights Issue was not
underwritten.
Information available to the
public
The prospectus in French including (i) the registration document
(document de référence) of Tikehau Capital registered with the
French Market Authority (Autorité des marchés financiers
(“AMF”)) on April 27, 2016 under number R.17-029 and (ii) a
securities note (note d’opération) (including the summary of the
prospectus) was filed with the AMF and received visa number 17-306
dated June 29, 2017 and is available free of charge from the
Company (32, rue de Monceau, 75008 Paris, France) and on the
Company’s website (www.tikehaucapital.com) as well as the AMF’s
website (www.amf-france.org). The public’s attention is drawn to
the risk factors included in chapter 3 of the registration document
and in chapter 2 of the securities note.
A presentation of the Company is also available on its website
(www.tikehaucapital.com/en/publications).
About Tikehau Capital:
Tikehau Capital is an asset management and investment group
which manages €10.3bn of assets, with shareholders’ equity of
€1.5bn1. The Group invests in various asset classes (private debt,
real-estate, private equity and liquid strategies), including
through its asset management subsidiary Tikehau IM, on behalf of
institutional and private investors. Controlled by its managers,
alongside leading institutional partners, Tikehau Capital employs
170 staff in its Paris, London, Brussels, Madrid, Milan, Seoul and
Singapore offices.
Tikehau Capital is listed on the regulated market of Euronext in
Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com
Disclaimers
The English version of this press release may differ from the
French version for regulatory reasons.
This press release and the information contained herein do not
constitute an offer to sell or purchase, or the solicitation of an
offer to sell or purchase, securities of Tikehau Capital.
No communication or information relating to the contemplated
Capital Increase may be distributed to the public in any
jurisdiction (other than France) in which registration or approval
is required. No action has been (or will be) undertaken in any
jurisdiction outside of France where such steps would be required.
The subscription for or purchase of securities of Tikehau Capital
may be subject to legal or statutory restrictions in certain
jurisdictions. Tikehau Capital assumes no responsibility for any
violation of such restrictions by any person. The distribution of
this press release in certain jurisdictions may be restricted by
law.
This press release does not constitute a prospectus within the
meaning of Directive 2003/71/EC as amended (the "Prospectus
Directive").
The rights issue is open to the public in France only
With respect to each member State of the European Economic Area
other than France (the "Member State"), no action has been
undertaken or will be undertaken to make an offer to the public of
securities requiring a publication of a prospectus in any Member
State. As a result, the securities of Tikehau Capital may only be
offered in the Member States (a) to qualified investors, as defined
by the Prospectus Directive; or (b) in any other circumstances, not
requiring Tikehau Capital to publish a prospectus as provided under
Article 3(2) of the Prospectus Directive.
For the purposes of this paragraph, "securities offered to
the public" in a given Member State means any communication, in
any form and by any means, of sufficient information about the
terms and conditions of the offer and the securities so as to
enable an investor to make a decision to buy or subscribe for the
securities, as the same may be varied in that Member State.
The above selling restrictions are in addition to any other
selling restrictions which may be applicable in the Member
States.
The distribution of this press release is directed only at (i)
persons outside the United Kingdom, subject to applicable laws, or
(ii) persons having professional experience in matters relating to
investments who fall within the definition of "investment
professionals" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 as amended (the
"Order") or (iii) high net worth bodies corporate,
unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) (a) to (d) of the Order
(all such persons together being referred to as “relevant
persons”). The rights issue is only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise
acquire such rights will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on,
this press release or any information contained herein.
This press release does not constitute an offer or invitation to
sell or purchase, or a solicitation of any offer to purchase or
subscribe for, any securities of Tikehau Capital in the United
States of America. Securities may not be offered, subscribed or
sold in the United States of America absent registration under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements thereof.
The securities of Tikehau Capital have not been and will not be
registered under the U.S. Securities Act and Tikehau Capital does
not intend to make a public offer of its securities in the United
States of America.
The diffusion of this press release in certain countries may be
prohibited under applicable law.
This press release may not be published, transmitted or
distributed, directly or indirectly, and does not constitute an
offer of securities, in the United-States (including in the
territories and dependencies and in any State of the United
States), in Canada, in Australia, or in Japan.
1 As of 31.12.16 and before the Rights Issue of July 2017
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170724005834/en/
Tikehau CapitalPress
Contacts:Tikehau Capital :Julien Sanson, +33 1 40 06 18
40jsanson@tikehaucapital.comorImage 7 :Leslie Jung, + 44 781 864 18
03ljung@image7.uk.com
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